Australian GDP Actual 0.4%, Expected -0.1%, Previous -0.5%
Release Explanation: The Gross Domestic Product is a comprehensive measure of Australia’s overall production and consumption of goods and services. GDP serves as one of the primary measures of overall economic well-being. GDP announcements generally conform to expectations as the number comes out after most Australian production figures that lead to overall GDP have already been released.
Trade Desk Thoughts: In trend terms, the GDP decreased 0.1 percent, however, in seasonally adjusted terms GDP increased by 0.4 percent which is well above economists’ expectations of a 0.1 percent decrease. Terms of trade fell 7.8 percent, real gross domestic product income fell 1.4 percent. Nonfarm GDP grew 0.5 percent
Forex Technical Reaction: The Australian dollar has dropped slightly since the report was released and is currently trading near the 0.8220 level. The pair has gained approximately 10 pips since the Asian session started.